Lagos has emerged as the 4th wealthiest city in Africa, according to a 2020 report published by New World Wealth for Mauritius-based AfrAsia Bank.
Lagos, Nigeria’s largest city, sprawls inland from the Gulf of Guinea across Lagos Lagoon. Victoria Island, the financial center of the metropolis, is known for its beach resorts, boutiques and nightlife.
To the north, Lagos Island is home to the National Museum Lagos, displaying cultural artifacts and craftworks. Nearby is Freedom Park, once a colonial-era prison and now a major venue for concerts and public events (Google).
Significantly, Lagos is the wealthiest city in the whole of West Africa followed closely by Accra, the capital of Ghana. The Africa Wealth Report 2021 ranks the wealthiest cities in Africa in terms of private wealth held.
The report defines the “total wealth” of a city as the private wealth held by all the individuals living in it. It includes all their assets (property, cash, equities, business interests) less any liabilities. Government funds are excluded from the calculation.
The data is for December 2020 and, therefore, takes into account the impact of the coronavirus outbreak. Two North African cities also made the cut with Cairo, Egypt in third and Casablanca, Morocco in ninth.
Kenyan capital Nairobi was ranked 6th, the sole East African country that made the cut whiles the other southern African capital that completed the list was Angolan capital, Luanda.
Top 10 wealthiest cities in Africa:
1. Johannesburg
2.Cape Town
3. Cairo
4. Lagos
5. Durban
6. Nairobi
7. Pretoria
8. Luanda.
9. Casablanca
10. Accra
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